Are You Protecting Your Income?

Transcription

1 Individual Disability Income Insurance Your Lifestyle and Retirement Dreams Depend on Your Ability to Work and Earn an Income Are You Protecting Your Income?

2 the importance of your INCOME and protecting it Have you seriously considered what could happen if you lost your income due to an illness or injury and couldn t go to work? Imagine how quickly personal savings, home equity or retirement accounts would diminish if used to replace your income over a long period of time? Many times we can be so caught up in our day-to-day lives that we don t even think that losing our primary source of income is possible. How would that impact you and your family? Would you be able to pay rent/mortgage, utilities, car payments, food, clothing and college tuition? Would you have to: -Rely on family? -Sacrifice health or life insurance? -Use cash advances from credit cards? How would you continue to save for your future needs? No matter how many working years are ahead of you, the choices you make now to safeguard your income can impact the plans you have for the years ahead. Do you have a plan to provide for your family if you are disabled and can t bring home the income you count on? Disability Income insurance offers solutions that can help ensure you and your family maintain a certain lifestyle, even if you re unable to work. Remember, if you can t work, you can t: Contribute to your 401k Contribute to Social Security Pay your bills

3 Why should you protect your income? Before you can answer this common question, ask yourself If I became too sick or hurt to work, could my family survive without my income? Does my family have the means to cover current debts and daily living expenses and continue to save if I could no longer work and earn an income? How much disability coverage do I have, including individual and group insurance? The financial consequences of a disability can be devastating. That s why many consider income protection essential for a solid financial plan. Know the facts Don t be misled by common myths surrounding individual disability income (DI) insurance Myth #1: It won t happen to me I expect to stay healthy. Fact: 44% say they have a 10% chance of becoming disabled in their working years. Yet the chances are actually about 30% that workers in their 20s will experience a long term disability prior to retirement. Council for Disability Awareness 2010 Consumer Disability Awareness Study Myth #2: Disability Insurance is too expensive. Fact: The average annual premium for individual DI insurance is typically 1 to 3 percent of what you earn. Myth #3: Government programs will take care of me. Fact: The problem with depending on Social Security or Worker s Compensation is that you may not be eligible for disability benefits or if you do qualify, there can be up to an 18 month waiting period Myth #4: I can always get disability coverage later. Fact: People usually don t get healthier as they grow older and coverage will cost more. Myth #5: I can rely on my savings. Fact: Even if you save 10% of your salary, a one-year disability could eliminate many years of savings. How long could you come up with $5,000, $7,500 or $10,000+ per month to cover your expenses?

4 The risk is real. Compared to things you might think about every day, the likelihood of you being disabled is much greater than you think Chance of winning the Powerball jackpot. 1 in 195,249,054 1 Chance of being killed on an airline flight on one of the top 25 safest carriers 1 in 9,200,000 2 Chance of being struck by lightning... 1 in 576,000 3 Chance of hitting a hole-in-one at 200 yards... 1 in 20,000 4 Chance of having a stroke in any one year 1 in Chance of using your homeowners insurance... 1 in 20 6 Chance of using your auto insurance... 1 in 15 7 Overall Chance of missing at least 90 days of work due to a disability. just under 1 in Multi-State Lottery Association, Powerball prizes and Odds (2010) 2 OAGback Aviation Solutions and Plane Crash Info Accident Database ( ) 3 Baer, G. Life, The Odds, Gotham Publishing (October 2003, most recent available) 4 Centers for Disease Control and Prevention, Stroke Facts and Statistics (2010) 5 International Organization for Standardization (ISO), Homeowners Insurance Losses, (2008 most recent available) 6 Highway Loss Data Institute, collision Coverage Insurance Losses in Years Since Introduction, (2008, most recent available) 7 America s Health Insurance Plans (AHIP), Baby Boomer Awareness of Disability Risk Study (2008, most recent available)

5 The Benefits: FAMILY: helping you maintain your current lifestyle and minimize sacrifices. CONFIDENCE: knowing you re doing what you can to help your family cope with the financial and emotional effects of a disability. SAVINGS: avoid withdrawing from retirement plans, investments, education funds or other accounts, so they can remain intact and able to grow. RECOVERY: in case of a disability, you can concentrate on getting better, returning to work and earning income. YOUR INCOME. THINK OF ALL THE WAYS YOU AND YOUR FAMILY RELY ON IT AND WHERE WOULD YOU BE WITHOUT IT? YOUR ABILITY TO EARN A LIVING IS WORTH PROTECTING WITH THE BEST INSURANCE PLAN YOU CAN OWN.

6 How much DI Insurance Do you need??? Disability Insurance Needs Analysis for: If you become too sick or hurt to work, could your family survive without your income? Does your family have the means to cover current debts and daily living expenses if you could no longer work and earn an income? The financial consequences of a disability can be devastating. Monthly Disability Benefits and Additional Income Monthly Expenses Group disability insurance benefit Mortgage/Rent (after taxes) Utilities and household expenses Individual disability income insurance benefit Groceries and household supplies Monthly Social Security disability Auto payments and expenses disability benefit (if any) Loans, credit cards and charge accts. Additional household income (rental, spouse, invesments, etc) Insurance premiums TOTAL: Child Care Savings and investments Other Monthly expenses TOTAL: Subtract your monthly expenses from your total monthly disability benefits and additional income. If there is an income shortage, protect your income with Individual Disability Insurance. Protect your income! If you become too sick or hurt to work, Individual Disability Insurance provides monthly benefits to help you: Meet Living Expenses Maintain Your Standard of Living Pay your mortgage and other monthly bills Keep your savings and retirement assets intact YOUR POTENTAL DI INSURANCE NEED: /Month

Mutual of Omaha Insurance Company Disability Income Choice Portfolio sm What would happen if you lost your most important asset...? MC33832_0809 ... Your ability to earn an income. Without your income,

Disability Insurance Financial Protection For Individuals And Business Owners Standard Insurance Company Individual Disability Insurance Income Protection When You Need It Most The home you live in, the

DISABILITY INCOME INSURANCE Preparing for the Unexpected balancing your life and disability protection * PROTECT YOUR INCOME PROTECT WHAT MATTERS MOST working for you. At MetLife we re working hard when

Disability Income Insurance HELP PROTECT YOUR INCOME, FAMILY AND LIFESTYLE 10008 Disability Income Protection Protecting Your Life If something happens that keeps you from working, what is your greatest

Individual Disability Insurance One Key To A Secure Financial Future Standard Insurance Company The Standard Life Insurance Company of New York Standard Insurance Company is licensed to issue insurance

FOR INDIVIDUALS INCOME PROTECTION GUIDE PROTECT YOUR EVERYDAY DOES YOUR LIFESTYLE DEPEND ON YOUR INCOME? What would happen to your lifestyle your everyday and future plans if you became too sick or hurt

Mutual of Omaha Insurance Company Disability Income Choice Portfolio SM MC34442 While many workers have group disability coverage through an employer, it often covers only 50 to 60 percent of their pay.

Disability Income Insurance Client Highlights Designing an Income Protection Plan DI 1071 12/11 Disability Income Insurance What is your greatest asset: Your home? Your Business? They are both vital to

Disability Income Insurance Protect Your Most Valuable Asset Your Ability To Earn A Living Page Heading Title And Double Line Title Your lifestyle and dreams for the future depend on your ability to earn

Voluntary Long Term Disability Insurance FOR THE STATE OF CALIFORNIA EXCLUDED EMPLOYEES Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This Booklet

Mutual of Omaha Insurance Company Disability Income Choice at Work ACCIDENT ONLY DISABILITY INCOME INSURANCE MC35420 T DI Choice at Work The paycheck you earn helps you build the life you want for your

LIFE AND PROTECTION INSURANCE EXPLAINED INTRODUCTION Most of us would like to think that when our lives come to an end, we ll be old, our loved ones will be financially secure and our financial responsibilities

What you needto know about disability insurance Insuring your Most Valuable Asset...You Your most important asset is not your home, your car, your jewelry or other possessions. It s your ability to earn

Personal insurance There are many risks you face during your lifetime, but the most serious ones you will face are death, disability, serious illness and/ or medical intervention (surgery). These can happen

Insurance LESSON 18 In life, bad things happen. Unpleasant as it may seem, something life threatening or fi nancially devastating could happen to you right now. Someone could steal your MP3 player or your

Don t let your lifestyle disappear. Income Protection What is your largest financial asset? Is it your home? Is it your business? Your income is an asset Annual salary of 60,000, aged 40 Earnings to retirement

Twelve Personal Insurance Myths You Can t Afford To BELIEVE TWELVE PERSONAL INSURANCE MYTHS You Can t Afford to Believe When it comes to insurance, you need straight facts not myths and legends. Remember

1) Definitions: Insurance is an arrangement in which an insurance company compensates a person or a company for a specified loss caused by e.g. an accident, fire, injury, illness or death in return for

Income insurance Protect your income and your lifestyle Your ability to earn an income is likely to be your most valuable asset in life. Insuring your income can give you peace of mind that your family

LIN BAN DISABILITY insurance OMNI Advantage & Essential protect yourself and family for a more secure tomorrow. income the importance of your and protecting it For most of us, financial stability and protection

Help Protect Your Most Valuable Asset Your Income NJEA Endorsed Disability Insurance Program For enrollments on and after October 1, 2012 The Prudential Insurance Company of America 02046-00002-00 Think

What you need to know about disability insurance Insuring your Most Valuable Asset...You Your most important asset is not your home, your car, your jewelry or other possessions. It s your ability to earn

Insurance Protecting your family with insurance: How RBC Royal Bank can help At RBC Royal Bank, we know that you ve worked hard to get here and build a new life. Insurance helps protect what you have from

Group Benefits from The Hartford Give your paycheck the guarantee that life never promises you. Long-term Disability Group Benefits from The Hartford You re a good provider, not a superhero. I f you re

Disability Insurance: A sound financial foundation includes income protection Introduction...1 An important financial safety net...2 Many are not eligible for Social Security or workers compensation benefits...3

Voluntary Long Term Disability Insurance FOR EMPLOYEES OF THE CITY OF SAN JOSE Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This Booklet This

* While many people understand the need to protect their families in the event of their death, they may not realize the potential financial impact of a disability. Owning life insurance is an important

Fact sheet Personal insurance Current as at 15 April 2012 What is insurance? Insurance is an agreement with an insurance company to pay you a sum of money if something is damaged or lost. It is form of

Preparing for Retirement: What You Need to Know 2009 Morgan Stanley Smith Barney LLC. Member SIPC. Preparing for Retirement Envision the Next Chapter Understand the Risks Develop a Plan 2 Envisioning the

Group Voluntary For Employees of The California State University Standard Insurance Company About This Brochure This booklet is designed to answer some common questions about the group Voluntary Long Term

Voluntary Long Term Disability Insurance EMPLOYEES OF CITY OF NORFOLK Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This Booklet This booklet

5 STEPS TO TAKE CONTROL OF YOUR FINANCIAL SECURITY What would it take for you to feel financially secure? A more stable job? Being debt free? Having millions in the bank? No matter how it s defined, we

With a diagnosis of a Critical Illness, the last thing you need to be worried about is your financial health. RX: A dose of extra cash to spend any way you want. In many cases, health insurance just isn

Personal LONG-TERM CARE INSURANCE Questionnaire I. PERSONAL GOALS These are some of the primary reasons people buy Long-Term Care insurance. Do these apply to you? I consider it important to be able to

Business Assurance Business Assurance Protecting your business and lifestyle Our business covers at a glance Cover What is it? Why do you need it? Life Cover Trauma Cover (accelerated) Complete Disablement

DI SALES CONCEPTS THAT WORK FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. The Guardian Life Insurance Company of America 7 Hanover Square, New York, NY 10004 DI SALES CONCEPTS THAT WORK Overview

Young Singles Considerations As a young single, you re on your own without parental support for the first time. You could be finishing college, or you may be looking for or starting a new job. This stage

Insurance delivering peace of mind Your guide to insurance at Plum Contents Why insurance matters 2 Types of cover 4 What s right for me? 7 1 Safeguarding you and your family Life is unpredictable. From

Voluntary Long Term Disability Insurance Answers to your questions about coverage from Standard Insurance Company Harvard University Voluntary Long Term Disability Chances are you already purchase home,

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. WHAT IS INSURANCE? It s simply the transference of a risk from yourself to the Insurer. By paying the

The University of Mississippi Long Term Disability Insurance Plan The University of Mississippi Long Term Disability Insurance Plan Features and Cost You have an opportunity to help protect one of your

Choosing the Right Insurance For Your Life s Stages The Financial Planning Association (FPA ) is the leadership and advocacy organization connecting those who provide, support and benefit from professional

Voluntary Long Term Disability Insurance FOR GOVERNMENT OF THE DISTRICT OF COLUMBIA EMPLOYEES Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This

Long-term care planning Your 5-minute guide Planning now puts you in control later For some people, the words long-term care may bring to mind the image of a nursing home. But really, long-term care is

Car Insurance How can I keep my car insurance costs low? The first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies. Within the policy

Questions & Answers About The Program: KIDS CHANCE SCHOLARSHIP PROGRAM FOR CHILDREN OF MISSOURI S SERIOUSLY INJURED WORKERS Which children are eligible for the Scholarships? To be eligible for the Scholarship

Life insurance: who to refer to BTAC Referrals to BT Advice Centre Customers call 1300 367 240 Bankers call 13 BTAC For internal use only. To be used for customers who do not meet criteria to see a Financial

The 2015 Self-Assessment Guide For Long Term Care Insurance A JOINT PUBLICATION BY: SHIP State Health Insurance Assistance Program And Indiana Partnership Long Term Care Insurance Program Both of the Indiana

LPL INSURANCE ASSOCIATES Guide to Long-Term Care Insurance The greatest gift of long-term care insurance is that it allows loved ones to supervise your care and not have to provide your care. What Is Long-Term

Mortgage Insurance that is Custom Built to Meet Your Needs HOME PROTECTION PLAN MORTGAGE INSURANCE About Industrial Alliance... Founded in 1892, Industrial Alliance Insurance and Financial Services Inc.

Why do I need protection? What s inside 3 Life cover 4 Critical illness cover 7 Income protection 8 Who else would you rely on? 10 It might cost less than you think 12 A word from your adviser... Introduction

How To Make Sure Your Loved Ones Will Be Taken Care Of Financially In Case You Suddenly Become Injured Part of LIC Portfolio for IT Contract Professionals Life * Income * Critical Illness A Special Report

What if your family had to live without you or your paycheck? Would they be able to afford daily living expenses and still have the financial freedom to enjoy life? CAR GROCERIES TUITION VACATIONS Universal

A NEWSLETTER CONCERNING COVERAGE AND BENEFITS Second Quarter 2014 Understanding health insurance is confusing enough - - - With the onset of the Affordable Care Act (ACA), it has clouded the issue even

The Southwest Minnesota Private Industry Council's Workforce Center presents INSURANGE ➄ It is unwise to be too sure of one s own wisdom. It is healthy to be reminded that the strongest might weaken and

A serious illness or injury can harm more than your health it can have an impact on your ability to work and meet your family s living expenses. Long-Term Disability Income Insurance FINANCIAL PROTECTION

HOME PROTECTION PLAN MORTGAGE INSURANCE Mortgage Insurance that is Custom Built to Meet Your Needs Mortgage Insurance that is Custom Built to Meet Your Needs Your mortgage insurance should offer you sufficient

AETNA VOLUNTARY LIFE PLAN Aetna Voluntary Plans Help protect the financial future of the ones you love 26.02.313.1 E (4/11) With term life insurance, you can start protecting your future today Help your

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Question 1: What is Medicaid? Answer: Medicaid is a government program that pays for medical services, including long-term

prudential s GROUP INSURANCE Prudential Long Term Care Solid Solutions SM 20 Questions concerning long-term care insurance The Prudential Insurance Company of America (Prudential) 0238884 Should you be

Insurance is an essential financial planning tool. The purpose of insurance is to transfer risk. Unless you have a large amount of cash set aside, you need to transfer that risk to someone who can afford

Keeping Your Home - Protect your investment People who plan, budget and save for successful homeownership have a much better chance of keeping a roof over their heads and building wealth as property values

The Nationwide LONG-TERM CARE RIDER Take control of your future. You ve worked hard to live life on your terms. So, when you think of your later years, you probably don t envision becoming dependant on

AIG ROP Select-a-Term SM Premium protection. Premium returns. Pick your term. Policies issued by: American General Life Insurance Company (American General Life) The United States Life Insurance Company

Voluntary Long Term Disability Insurance For Government of the District of Columbia Employees Answers To Your Questions About Coverage From Standard Insurance Company About This Booklet This booklet is